Construction Spending Rises Unexpectedly
Washington, DC, March 3, 2014 -- Construction spending in the U.S. rose 0.1% in January to a seasonally adjusted annual rate of $943.1 billion, according to the Commerce Department.
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Economists had expected a 0.4% decrease in January.
Private-construction spending rose 0.5%, with a 1.1% increase for residential projects and a 0.2% decline for nonresidential projects.
Public spending fell 0.8% in January.